LENDER PAYS 3% TOTAL IN A DOUBLE AGENCY SHORT SALE... How to get the remaining 3%?

This is a Suntrust short sale non gse,     where I am representing both buyer and seller.

Buyer is a cash buyer and now that lender has reduced my commission to only 3%, I was thinking in the right way of getting my remaing 3%...  This may sound silly but is this possible?

Is there a legal way to contract but buyer to get the remaining 3% or I should just continue?

 

Thanks!

 

 

 

 

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A  buyer broker agreement could do just that. 

Are we allowed to get paid outside of escrow?

I am in California.  I am asking before calling the LEGAL HOT LINE, just to get a more general idea  and make better questions when I call.

Thanks Jeff.

I am not sure if you can.  Put it on the buyers side as a charge to the buyer and I bet the bank wont care.  They are just going to make sure that you are only getting 3% from the proceeds.  Good question, let us know what you find out

I will wait for a couple more answers here in S.S.S. and then I will call!  My escrow company told me that even if I put it like that, some lenders will not like it and will ask for it themselves or to take it out from HUD...

 

I believe is just fair to try to get paid for something you are working for... as long as we are compliant...

Thanks.

 

Enrique. Simply have the buyer pay you on his side of the HUD. There is no issue at all. This can be a line item expense to the buyer or in can be a POC itme to the buyer or seller. Either way it will be fully disclosed on the HUD. Don't even bother asking Suntrust about it. Just do it. They don't cpontrol the buyer side of the HUD and they don't control POC items.If you ask them they will say "no". If you just do it and submit the final HUD for approval chances are very high it will be approved and you will be paid.

 

The buyer or seller could also sign a note for your commission and pay you later. Of course please be sure to seek legal advice if you are uncertain of the legalities of any of this.

Perfect, it just make sense Bryant.  Buyer hud never reaches the shortselling lender eyes... you are so right....

***BTW, I had many Wells Fargo short sales, where Wells actually ask for buyers hud just to see if they really need the whole closing cost figures requestd, and if they can save 50 buks, they will ...

But that is a whole different story.

 

Thanks Bryant and thanks Jeff.

I am calling now.

You could ask Suntrust to pay 3% of Buyers closing costs, and use it to pay your Buyer Broker fee!

I would still fight it with Suntrust, tell them it is not fair as you could make a better paycheck selling the buyer something else.

Do you have Dual Agency in your state?

"You could ask Suntrust to pay 3% of Buyers closing costs, and use it to pay your Buyer Broker fee" Mmmm....  Sounds like a creative idea, but too much creativity makes it way complicated.  And on top of that, they are not paying cc... since is cash buyer...

 

 

 

 

I would not ask them either, send them the HUD for approval.  Does RESPA even actually cover cash deals?  Buyer MAY be able to pay your broker directly?

This is from HUD.....

What types of transactions are not covered under respa?

The following are kinds of transactions that are not covered: an all cash sale, a sale where the individual home seller takes back the mortgage, a rental property transaction or other business purpose transaction.



Enrique Vasquez-Plaza said:

"You could ask Suntrust to pay 3% of Buyers closing costs, and use it to pay your Buyer Broker fee" Mmmm....  Sounds like a creative idea, but too much creativity makes it way complicated.  And on top of that, they are not paying cc... since is cash buyer...

 

 

 

 

RESPA does not apply to a cash transaction. RESPA only applies to:

From the HUD site

Transactions involving a federally related mortgage loan, which includes most loans secured by a lien (first or subordinate position) on residential property. This includes: home purchase loans, refinances, lender approved assumptions, property improvement loans, equity lines of credit, and reverse mortgages.

 

The following are kinds of transactions that are not covered: an all cash sale, a sale where the individual home seller takes back the mortgage, a rental property transaction or other business purpose transaction.

 

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